Interest Rate Reductions
Interest rates have been a discussion point for some time now. Banks earlier in the year started increasing rates. Both fixed for owner occupiers and investors.
The overriding reasons were the restraints APRA were applying to the banks. Great news – a lot of the banks are now under the required limits for their different lending and we are now seeing some relaxation in rates.
Westpac yesterday announced the following rate reductions to their Flexi First Option 2 Year Intro Offer.
- OO P&I 3.88%
- INV P&I 4.18%
National Australia Bank and St George also announced rate drops in the interest only investment space. All meeting their required targets. Some rates dropped up to .40%.
So watch this space to see if the other major banks follow suit. Regardless all banks are now back in the market and are happy to look at pricing.
So now is the perfect time to do a health check on your current loans. Always remembering to take into account your personal circumstances and future.
Contact Donna-lee for a finance health check!